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The Collaborative International Dictionary of English v.0.48 (gcide)

Cut-out \Cut"-out`\ (k[u^]t"out`), n.
(a)

1. (Telegraphy) A species of switch for changing the current
from one circuit to another, or for shortening a circuit.
(b) (Elec.) A device for breaking or separating a portion
of circuit.
[1913 Webster]

2. Something cut out from another object, especially a piece
of thick paper or cardboard with a picture on it (as of a
person or other object), embedded in a larger sheet of
paper and having perforations around the edges of the
figure to allow easy removal from the larger sheet.
[PJC]

3. A valve in the exhaust system of an internal combustion
engine which, when activated, permits the exhaust gases to
bypass the muffler.
[PJC]